logo-loader

Legacy Iron Ore to raise $25M, NMDC takes up entitlement

Published: 09:30 07 Jul 2014 AEST

au_australiancash350_53b9d59fabd54

Legacy Iron Ore (ASX: LCY) will look to raise $25 million via a 3 for 1 renounceable entitlement issue at $0.014 per share.

This is pitched at a 23.9% discount to the average closing market price over the last 10 trading days.

Major shareholder India's National Mineral Development Corporation Ltd has confirmed it will take up its full entitlement under the offer of a minimum amount of approximately $12.1 million.

This follows a site visit to Mt Bevan in Western Australia by NMDC board members.

Legacy will look to advance discussions with joint venture partner Hawthorn Resources (ASX:HAW) to fashion a strategy for developing Mt Bevan Project including pre-feasibility studies.

The repayment of the A$3 million Citibank loan is envisaged out of funds raised as well as use in other key portfolio projects.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

 

OzAurum to start drilling at Boca Rica Lithium Project

OzAurum Resources Ltd (ASX:OZM) CEO and managing director Andrew Pumphrey sits down with Proactive’s Jonathan Jackson to discuss an upcoming drilling program at Boca Rica Lithium Project in Brazil, following the identification of a spodumene zone. The company plans to start drilling in the next...

3 hours, 1 minute ago